Pinnacle Wealth Management Advisory Group LLC Acquires New Position in Occidental Petroleum Co. (NYSE:OXY)

Pinnacle Wealth Management Advisory Group LLC purchased a new stake in Occidental Petroleum Co. (NYSE:OXY) in the fourth quarter, Holdings Channel reports. The firm purchased 7,948 shares of the oil and gas producer’s stock, valued at approximately $475,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in shares of Occidental Petroleum by 22.2% during the 4th quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after buying an additional 1,088,052 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Occidental Petroleum by 2.8% in the 3rd quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer’s stock valued at $302,697,000 after purchasing an additional 125,927 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Occidental Petroleum by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,699,722 shares of the oil and gas producer’s stock worth $220,910,000 after purchasing an additional 82,360 shares during the period. ANTIPODES PARTNERS Ltd boosted its stake in shares of Occidental Petroleum by 51.7% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock valued at $139,749,000 after purchasing an additional 797,894 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Occidental Petroleum by 600.4% during the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock valued at $145,520,000 after buying an additional 1,922,656 shares during the period. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 0.9 %

Shares of OXY traded up $0.55 during midday trading on Thursday, reaching $64.23. The company had a trading volume of 2,997,038 shares, compared to its average volume of 8,417,979. Occidental Petroleum Co. has a 1-year low of $55.12 and a 1-year high of $71.18. The stock has a market cap of $56.94 billion, a PE ratio of 16.42 and a beta of 1.64. The firm has a 50 day simple moving average of $64.98 and a 200-day simple moving average of $61.34. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter last year, the firm earned $1.09 earnings per share. The firm’s quarterly revenue was down 17.2% compared to the same quarter last year. Research analysts forecast that Occidental Petroleum Co. will post 3.81 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.88 annualized dividend and a dividend yield of 1.37%. Occidental Petroleum’s dividend payout ratio is presently 22.51%.

Analyst Upgrades and Downgrades

OXY has been the topic of a number of analyst reports. Barclays assumed coverage on Occidental Petroleum in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price target on the stock. Truist Financial raised their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday. Susquehanna upped their target price on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Finally, StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Nine investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $71.88.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.